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1612 Southcreek Ln, Houston...

Drilling Tools International Leases 27150 Square Feet At 1612 Southcreek Ln Houston
LEASEDIndustrial

Drilling Tools International Leases 27150 Square Feet At 1612 Southcreek Ln Houston

1612 Southcreek Ln, Houston, TX, 77...

Building Size

27,150 SF

Asset Type

Industrial

Closing

Nov 19, 2023

AI

Drilling Tools International has signed a lease for an industrial property located at 1612 Southcreek Lane in Houston, TX. The property encompasses 27,150 square feet and is situated on a 2.9-acre site within Candle Ridge Business Park on the city's north side. This crane-served facility caters to the downhole land and offshore drilling industries.

Summary of transaction details:

  • Property Type: Industrial Lease
  • Transaction Amount: Not disclosed
  • Address: 1612 Southcreek Ln, Houston, TX
  • Market: Houston
  • Tenant: Drilling Tools International
  • Landlord: TRECAP Southcreek Partners
  • Tenant's Representative: Ed Frantz - CBRE
  • Landlord's Representative: Jason Tangen - Colliers International

Ed Frantz, along with John Amini and Boomer White from CBRE, represented Drilling Tools International during the lease negotiations. Jason Tangen from Colliers International represented the landlord, TRECAP Southcreek Partners, in the transaction.

Players

Jason Tangen

Colliers

Broker

13 deals

Broker
TP
TRECAP Southcreek PartnersLandlord
DI
Drilling Tools InternationalTenant

Houston Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93